BAIN CAPITAL SPECIALTY FINANCE,INC. (NYSE: BCSF) Files An 8-K Other EventsItem 9.01 Other Events.
On November28, 2018, Bain Capital Specialty Finance,Inc. (the “Company”) issued a press release, included herewith as Exhibit99.1, announcing that on November28, 2018, the board of directors of the Company (the “Board”) recommended the submission of a proposal for stockholders to approve the application of the 150% minimum asset coverage ratio to the Company at a Special Meeting of Stockholders (“Asset Coverage Proposal”).
On the same day, the Board, including a “required majority” (as such term is defined in Section57(o)of the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Board, also approved the application of the modified asset coverage requirements set forth in Section61(a)(2)of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, the Company’s asset coverage requirements applicable to senior securities will be reduced from 200% to 150%, effective on November28, 2019. However, if the Asset Coverage Proposal is approved by the required votes of the Company’s stockholders at such Special Meeting of Stockholders, the Company would become subject to the 150% minimum asset coverage ratio the day after such stockholder approval instead of November28, 2019. In addition, the Company expects to reduce its annual base management fee from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt to equity.
Item 9.01 — Financial Statements and Exhibits
(d) Exhibits:
Exhibit Number |
Description |
99.1 |
Press Release, dated November28, 2018 |